AngelList launches USVC, a public venture fund open to anyone with a $500 minimum investment

AngelList launches USVC

AngelList is opening venture capital to retail investors through USVC, a closed-end tender offer fund with a $500 minimum and no maximum investment. The product, available at usvc.com, requires no accreditation — anyone can invest.

Structure

The closed-end tender offer format is the product's defining feature. Unlike private market ETFs such as the Destiny or Robinhood funds, USVC prices shares at net asset value rather than at whatever the market will bear. That distinction matters because funds holding valuable private assets can trade at five to seven times NAV, making it impossible for a rational investor to size in confidently regardless of how good the underlying companies are. USVC investors hold something close to the underlying assets directly, and the entry and redemption price tracks NAV.

Liquidity is limited. Up to 5% of the fund is available for quarterly redemption at AngelList's discretion, and Avlok Kohli is explicit that this is not a liquid instrument.

“The idea with USVC is we wanted to open up access to the asset class of venture. Access is truly open to anyone with as little as $500. We're set up as a closed-end tender offer fund, which means when you're investing in this, you're actually holding something very close to the underlying business.”

Portfolio construction

The launch portfolio includes xAI, OpenAI, Anthropic, Crusoe, Sierra, Legora, and Vercel — seven companies weighted toward established late-stage names. About a third of the portfolio is intended to skew early-stage over time, on the logic that the long-term alpha sits in companies before they are widely discovered rather than in names everyone already knows.

Ownership integrity

AngelList banned layered SPVs across its platform some time ago, absorbing a revenue hit to do it. The problem was structural — layered structures obscured the underlying owners, hid fees, and buried carry. USVC inherits that same standard: positions are in direct underlying assets with disclosed terms, not in opaque chains of intermediaries.

Founder pitch

For founders with loyal but smaller communities, USVC offers a way to let customers participate in upside without an IPO. Kohli points to companies in the $50M–$100M revenue range as the natural fit — businesses with passionate user bases that want a scalable, accessible mechanism to share in the outcome.

The fund is evergreen, meaning it can accept capital continuously, though Kohli acknowledges that large inflows require active deployment strategy rather than a fixed allocation plan.